Al Futtaim Jobs - Sr. Retail Leasing Manager | AFGRE | Dubai (Dubai, AE)
Job Requisition ID: [[46686]]
No two days are the same at Al-Futtaim, no matter what role you have. Our work is driven by the desire to make a difference and to have a meaningful impact with the goal of enriching everyday lives. Take our engaging and supportive work environment and couple it with a company culture that recognises and rewards quality performance, and what do you get? The chance to push the limits every single day.
As a humble family business that started on the banks of the Dubai Creek in the 1930s, Al-Futtaim has expanded to a presence in 31 countries, a portfolio of over 200 companies, and 42,000 employees. You’ll find us in industries ranging from automotive and retail, to finance and real estate, and connecting people with international names like Lexus, Ikea, Robinsons, and Adidas. Our team is proudly multicultural and multinational because that kind of diverse representation gives us the global mindset to grow and impact the people, markets, and trends around us.
Come join us to live well, work better, and be the best.
Job Title: Senior Retail Leasing Manager
Reports to: General Manager - Leasing
Department: Leasing
Location: Al Futtaim Group Real Estate Management Offices, Dubai Festival City
JOB PURPOSE:
In this position, you are responsible for:
- Setting the tactics of the Leasing strategy on the Retail Portfolio that is aimed at ensuring the viability of the business and meeting overall objectives.
- Provide a market information and competition updates
- Managing the rental of retail units to ensure maximum occupancy and a premium level of rentals
- Undertaking lease negotiations and meeting the approved milestones
- The accurate completion of information and paperwork for tenants. (Data base, turn overs etc.)
- Consistently apply your experience and judgement to plan and accomplish goals and to sustain and expand market share.
- Effectively lead and direct the work of others, specifically your direct reports and supporting departments, outsourced consultants (Market Researches, Leasing Agents, etc.)
KEY ACCOUNTABILITIES:
Planning: Prepares and implements leasing plans and strategies so as to exploit current market demands and generate future demand for the Retail Leasing business in order to achieve or exceed projected units and revenue target.
Market Intelligence: Researches market in terms of current demand, customer preference, types, size, and location of the properties. Where possible, obtains information on competitors pricing policy, property specifications to revamp the company pricing policy, strategies and tactics to effectively position the property against the competition and enhance market share. Liaises with external consultants for additional insights into the above information and for formulation of ERV schedule by externally appointed consultant as required.
Targeting Prospective and Existing Customers: Oversees preparation of a target list of prospective tenants including high end and flagship retail brands/customers, local and international, suitable for the type of properties available for leasing. Oversees preparation of schedules showing lease expiry profile on annual basis. In case of Retail tenants, prepares exit strategy if brand is not considered in line with agreed Retail mix.
Viewings and Presentations: Manages invitation of tenants to presentation of drawings/site meetings in order to generate new interest and maintain interest of existing tenants in the centre and work towards deal closure to meet revenue targets.
Term Negotiation: Prepares proposals for new and renewal tenants at rates in line with budget/ERV for communicating to tenant in order to close new business and finalise renewal of existing lease contracts in timely manner.
Negotiates and finalises lease terms in line with prevailing SOP’s, Budgets, DOA’s and any other conditions required by the business.
Arranging Legal Documentation: In liaison with Lease Administration team ensures that all documentation is correctly prepared by Lease Administration in accordance with the SOP (LAF/LCA, Lease Contract etc.) and is signed by the authorized person as per the DOA in order to avoid any litigation in future and to serve as a point of reference. Maintains awareness of local legal procedures and practices, ensuring that these are upheld and/or not contradicted in lease terms.
Asset/Property Management: Ensures that existing leases are renewed on time and that any changes in terms and conditions or rentals are correctly recorded and rental is collected on time and in full to avoid any loss of money or dispute with the tenants. Proactively manage the tenancy schedules of asset to regear the lease contracts to increase valuation on DFC’s portfolio. Negotiate exit strategies for tenants regarded as no longer fitting overall retail brand mix.
Financial Data Entry and Maintenance (SAP/Ejari): Checks that all lease contract information is accurately recorded by Leasing Administration in REFX and Ejari systems.
Credit Control: Liaises with Credit Control Department on AR status, follows up with tenants for outstanding payments, finalising statements of account and preparation of payment plans.
Prepares monthly statement of negative accruals and other accounting provisions.
Progress Reports: Oversees preparation of progress reports on weekly/monthly/annual basis as appropriate, on the current status of the business; comments on assessment of future market trends and prospects and propose measures and strategies to achieve or exceed the projected target.
Budgeting: Evaluates historical performance, and market information on future market trends, to arrive at a rational budget projection both in terms of units and revenue so as to contribute effectively in meeting company’s overall objectives set for the year. Prepares Retail budget based on foregoing.
Budget Review: Reviews the actual performance against budget on regular basis to ensure that projected units and revenue target are being achieved, in case of a short fall examines the reasons and take corrective measures to bring it back on target.
ERV Report: Prepares and maintains current ERV schedule by liaising with external consultants / Feasibility team as required to ensure accurate valuation of property.
Audit: Manage any audit studies and requests. Action any findings/recommendations as are feasible and necessary
Administration: Manages all administrative functionality of the department including management of resources and IT administration.
JOB CONTEXT:
In this position you will operate within the boundaries of:
- the agreed departmental budgets and targets
- relevant policies and procedures
- the stipulations of the Delegation of Authority (DOA)
- legal parameters as specified by the Al-Futtaim Legal Department
QUALIFICATIONS, EXPERIENCE, & SKILLS:
Minimum Qualifications and Knowledge:
Degree or equivalent level of education in any discipline
Minimum Experience:
Minimum 8 - 10 years’ experience in handling property leasing/portfolio management including lease negotiations and management with a reputable real estate company.
Job-Specific Skills:
Sound knowledge of Leasing market and practices in local market/international market. Familiar with a variety of the leasing field's concepts, practices, and procedures along with the Brands awareness and categories
Behavioural Competencies:
- Research, insights & analysis: Obtain & analyse information through effective intelligence gathering systems and interpretation of results
- Strategy & planning: Influence strategy formulation and ensure an effective leasing planning process and plans
- Products: Create, build and manage competitive products, portfolios & services
- Leasing programme implementation: Create competitive and sustainable pricing policies, use pricing strategically and creatively. Establish and develop effective channels for your business and support for channel members. Deliver and manage effective customer relationships and infrastructure for same. Establish, plan and manage programme and project frameworks and plans against objectives and budget
- Measuring effectiveness: Establish, promote and use metrics to improve effectiveness. Create and use a system of critical review to make more informed future decisions
- Managing and developing people: Manage cross-functional relationships effectively. Develop teams and self to enhance department's performance.
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